As it enters the fourth phase of economic reopening, New York City still boasts some of the most expensive home prices and most expensive zip codes in the country. Even with everything that’s going on at the moment, NYC is holding its ground when it comes to its real estate market.
To get a better picture of the evolution of the market, we compared NYC home sales closed during the first half of 2019 to those closed in the first half of 2020. The number of residential sales have indeed dropped year-over-year, however, the median sale price in the city is holding steady at $763,688. This indicates that even with a slow-down in sales, demand for housing is still high in the Big Apple, and 9,305 residential deals closed during the first 6 months of the year.
Residential sales will slowly pick up their pace now that the city has finally entered the 4th phase of reopening. A more relaxed state after a tumultuous period will most probably spark interest in ‘real estate shopping,’ and transactional activity might return to a pre-pandemic state.
Curious on how sales evolved and which zip codes maintained, gained, or lost their ‘most expensive status,’ we ran the numbers and put together a list of the 100 most expensive zip codes of H1 2020 in New York City. We also compared the numbers to last year’s ranking to see some detailed changes.
Before jumping into a more thorough analysis of the zip codes, let’s see how the boroughs fared so far this year.
Unsurprisingly, Manhattan is still in a league of its own compared to the other NYC boroughs, with lofty residential prices, new luxury high-rise developments and unparalleled demand for housing.
The median home sale price in Manhattan is $1.4 million, and a total of 2,113 residential deals were sealed between January and June 2020. The most expensive sale in the borough—and the entire city—was a $79.4 million deal that closed in Greenwich Village-Central on January 31st.
With a median home sale price of $835,000 and 2,920 residential transactions under its belt, Brooklyn comes in as the second most expensive borough in NYC. The heftiest transaction closed in Brooklyn Heights, which was a $20.3 million deal recorded in April 2020.
Queens closed H1 2020 with a median home sale price of $710,000, while both The Bronx and Staten Island recorded median home sale prices around $530,000.
Check out the table below to see the full list of NYC’s most expensive zip codes, and read on for more details.
Zip code 10014—encompassing blocks of the West Village, Greenwich Village and a very small portion of SoHo—landed the #1 spot as the most expensive zip in H1 2020, with a median home sale price of $4.2 million. There were only a total of 54 sales in the area, however, those few condos trading at exorbitant prices propelled the zip code to number one on our list. Compared to H1 2019, the median sale price here grew 82%, while the number of transactions dropped 33%.
The most expensive sale in the 10014 zip code was a $19 million penthouse transaction at 275 West 10th St. Built in 1896, the fully redesigned and revamped building houses 38 units and a gym. The penthouse in question is a four-bedroom, five-bathroom, 4,763-square-foot residence, and it comes with three distinct terraces and panoramic views.
The second most expensive sale was a $15 million condo, followed by 5 other sales over $10 million.
Made up of blocks of TriBeCa, SoHo and Hudson Square, zip code 10013 came in as the second most expensive in NYC and Manhattan. With 129 sales recorded, the zip code clocked in a $3.1 million median home sale price in H1 2020.
A total of 22 condo units traded during H1 2020 within the same building in this zip code – 108 Leonard in the Civic Center neighborhood. Even though each deal was separate, the condos traded for an aggregate price of $59 million.
The third most expensive zip code in Manhattan for the first half of 2020 is 10012, where the median dropped 9% year-over-year to $2.9 million. Other zips with median home sale prices between $2 million and $3 million are 10007 (which last year was #1), 10282, 10001, and 10019.
With a median home sale price of $1.7 million, Queens’ 11109 zip code landed the 12th spot on our list, and it was also the most expensive zip code in the borough. The $3.4 million sale of PH5 at 46-30 Center Boulevard—which was also the #1 most expensive sale in the borough—increased the median home sale price of the zip code. Other sales closed here during H1 2020 fetched around $1.7 million.
The second most expensive zip code in Queens was 11105 in H1 2020, the median being exactly $10 short of $1 million. Here, prices stagnated with only a 1% year-over-year change, while the number of deals increased 8%.
The third most expensive zip code in Queens was 11375 encompassing Forest Hills. The median here was $990,000, with a total of 68 residential sales closed during the first 6 months of the year.
The second-priciest residential sale to close in the borough was a $3.2 million transaction in Astoria, within the 11102 zip code. The two-family dwelling at 31-17 28th Avenue changed hands in April 2020, placing the 11102 zip code at #92 on our list.
The most expensive zip code in Brooklyn in the first half of 2020 was 11201. With a median home sale price of $1.6 million and 114 residential transactions, the zip code encompassing parts of Vinegar Hill, Downtown Brooklyn and Cobble Hill occupies the 15th spot on our most expensive zip codes list. Compared to H1 2019, median sale prices stagnated, recording a modest 2% change, while the number of sales dropped 29%.
The second most expensive zip code in the borough was 11231, with a $1.5 million median sale price, followed by 11238, with a $1.3 million median. Year-over-year, prices dropped in both zip codes. Even so, Brooklyn managed to snatch 27 spots on our list of NYC’s 100 most expensive zip codes in 2020.
The Bronx occupies four spots on our list of the 100 priciest zip codes in New York City. By comparison, during the first 6 months of 2019, it only occupied 3 positions.
The most expensive zip code in The Bronx so far this year is 10471, where the median home sale price increased 11% year-over-year to $999,000. A total of 11 residential deals closed in the area, the most expensive being a $3.2 million home.
The other three Bronx zip codes that made the list are 10454, 10475 and 10461.
Staten Island’s 10307 zip was the only one from the borough that made the top 100 list.
We looked at all residential transactions closed from January through June 2020, taking into account condos, co-ops, single- and two-family homes. We used NYC’s official building classification codes to filter the properties from the City of New York website.
Building class filters include A3, A4, A5, A7, A9, B1, B2, B3, B9, R1, R2, R3, R4, R6, R7, R8, and R9.
We only took into consideration deals with a minimum sale price of $1,000. All deals with no dollar values were excluded.
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